Arrested trio are linked to laundering of $400m
A man and two women who allegedly laundered $400 million in proceeds from illegal bookmaking activities in Macau through bank accounts in Hong Kong have been arrested after an investigation.
The Organised Crime and Triad Bureau yesterday applied to the Court of First Instance for an order to freeze the assets of Yeung Chun-bong, 49, his 45-year-old wife and her sister, 44. Their properties, cars, cash and other valuables are estimated to be worth $45 million.
Yeung was arrested at his flat on Wong Nei Chung Gap Road, Happy Valley, on Monday, and his wife and sister were arrested in North Point. Police believe the trio were involved in the laundering of about $400 million through their Hong Kong bank accounts between September 1998 and June 2000.
The arrested trio will appear in Eastern Court today charged with money laundering.